Pax Plans Merger With Tech Company Targeting Exploding Mobile Social Media Market
11 2월 2009 - 11:00PM
Marketwired
Pax Clean Energy, Inc. (OTCBB: PXCE) ("Pax" or the "Company")
announces today that it has approved a Letter of Intent ("LOI")
towards a merger with a technology company targeting applications
in the exploding mobile social multi-media market. The company has
shown that it has developed new market breakthrough technologies in
mobile video sharing that can be leveraged to revolutionize how
mobile video is used across wireless carriers and devices.
This privately owned, stealth-mode, American company has
developed a platform technology that can be used to provide
multiple solutions and applications to mobile users and wireless
carriers world-wide. According to market research house Infonetics,
revenue from mobile video services worldwide hit US$5.6 billion in
2008, growing dramatically from US$46.2 million in 2005. The merged
Company will target this expanding opportunity with its
breakthrough technologies.
The transaction is subject to all customary closing conditions.
One of the conditions of the merger includes the cancellation of
all shares owned by the current management and any of their
corporations, leaving just 17.64 million common shares outstanding.
As consideration for the merger, the private company will receive
16 million preferred shares that will be restricted from sale or
trade for a period of not less than three years, unless certain
strategic transactions or events occur prior to that time. These
terms will not be negotiated and will be included in the final
agreement.
Due to confidentiality and non-disclosure agreements, details of
this acquisition will only be announced upon completion of the
final contracts.
NOTICE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains 'forward-looking statements.' These
are statements concerning plans, objectives, goals, strategies,
expectations, estimates, intentions, projections, developments,
future events, or performance, underlying (expressed or implied)
assumptions and other statements that are other than historical
facts. In some cases forward-looking statements can be identified
by the use of forward-looking words such as 'believes,' 'expects,'
'may,' 'will,' 'should,' or 'anticipates,' 'estimates,' or the
negative of these words or other variations of these words or
comparable words, or by discussions of plans or strategy that
involve risks and uncertainties. Management wishes to caution the
reader that these forward-looking statements, including, but not
limited to, statements regarding the Company's plans, goals the
estimates and assumptions, and the business strategy of the Company
and other matters that are not historical facts are only
predictions. No assurances can be given that such predictions and
the estimates regarding mineral reserves, success of mining plans,
or other projections will prove correct or that the anticipated
future results will be achieved. Actual events or results may
differ materially. Forward-looking statements should be read in
light of the cautionary statements and risks that include, but are
not limited to, the risks associated with a small company, the
intense competition the company faces from others, and
technological changes. Any one or more of these or other risks
could cause actual results to differ materially from the future
results indicated, expressed, or implied in such forward-looking
statements.
Pax Clean Energy, Inc.
P.L. Hammond, President
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Contact: Pax Clean Energy, Inc. 1-250-655-3776
(USOTC:PXCE)
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